OMG USD has been witnessing unreal gains. It has recently went from $1.41 to $7.50 in a matter of days. However, price seems to be consolidating over past couple of days, creating multiple patterns. In the long term trend channel, we see a rising wedge formation, with a definitive bearish divergence forming in Relative Strength Index.
In most recent consolidation move, we see what could be construed as a symmetrical triangle / or another rising wedge. I originally thought this OMG coin was going to move upwards another $1 or $1.50, but we may see a reversal before that can happen. Keep a close eye on trend channels for possible breakout, and watch the volume indicator for verification of a potential reversal.
We may still see upward movement to next level, however this new formation seems to be signaling a price correction in the near future. We still have room near bottom trend channel on longer charts to maintain current trend, but we may see a price drop closer to $5.50. A correction would make sense, given the relentless bullish movement recently.
Trend lines and RSI would point to a bearish movement, towards the support level of $5.50. However overall chart is still bullish.
Let me know what you see!
In most recent consolidation move, we see what could be construed as a symmetrical triangle / or another rising wedge. I originally thought this OMG coin was going to move upwards another $1 or $1.50, but we may see a reversal before that can happen. Keep a close eye on trend channels for possible breakout, and watch the volume indicator for verification of a potential reversal.
We may still see upward movement to next level, however this new formation seems to be signaling a price correction in the near future. We still have room near bottom trend channel on longer charts to maintain current trend, but we may see a price drop closer to $5.50. A correction would make sense, given the relentless bullish movement recently.
Trend lines and RSI would point to a bearish movement, towards the support level of $5.50. However overall chart is still bullish.
Let me know what you see!
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Different chart, different exchange, different trend lines. But correction likely.
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Correction almost over, falling flag formation in progress, perhaps to bottom of channel. Look for previous trend to continue.